How To

How to Buy Ethereum in Canada

Cryptocurrency continues to increase in popularity. Men and women worry about the future and what it holds because nobody predicted the global pandemic of 2020. Fortunately, buying, selling, and trading Ethereum in Canada remain legal today. What do men and women need to know when purchasing this cryptocurrency?

First and foremost, when a person wishes to know how to buy Ethereum in Canada, the most important thing is to use a legitimate and reputable crypto exchange. These exchanges make use of multi-layered security to protect their users, and most of their crypto assets remain secure in offline cold storage. As with money, people need to know it is safe when they ask someone to hold it on their behalf. For this reason, a person must choose a reputable exchange with measures in place to protect the funds. Why should individuals purchase Ethereum once they find this exchange? 

The Popularity of Ethereum

Developers created Ethereum to improve on Bitcoin and today it offers more capabilities than the original cryptocurrency. It handles smart contracts with ease and serves as a disinflationary supply. Block times are shorter with Ethereum than Bitcoin and it is a proof-of-stake model rather than a proof-of-work one. This encourages collaboration and provides consequences for malicious behaviour. These serve as only a few of many reasons this cryptocurrency continues to gain in popularity, and there are many other criteria people should consider when determining if this is the right crypto for their needs. 

Purchasing 

Many things need to be considered when buying Ethereum in Canada. For example, a person must decide how they will fund their account because this plays a role in which exchange, they should use. They must also know if they will need a crypto wallet, as some services don’t offer this option. This information helps to narrow the choices. What services come highly recommended? 

Also, read How to invest in cryptocurrencies

BitBuy

A person who wishes to use the Interac e-Transfer option should look into BitBuy. This service allows for this type of transfer. Once they fund the account and make a purchase, the crypto is in the person’s account within an hour, and people love the fee with this service, as it is only 1.5 per cent. How does one go about setting up an account with this provider? 

  1. Visit the page and create an account. When the account has been created, log on to the site and add funds using the appropriate button. 
  2. Review the information and click on the “I Understand” button to move on to the page with the Interac e-Transfer information. 
  3. Provide the site with your name and email address. Every user must provide a security question and answer. This information allows you to transfer funds from a Canadian bank account in your name to the BitBuy account in the same name. 

Upon completion of this process, the crypto can be moved from BitBuy to another crypto wallet or sent to other services like Celsius. A person may also use Interac e-Transfer to return the funds to their bank account. 

Wealthsimple

Individuals love Wealthsimple for a variety of reasons today. They can buy and sell their crypto assets using this site, and beginners find it very easy to do so. However, people must know certain things about this site before proceeding. 

Wealthsimple allows individuals to hold Ethereum as they do their stocks. When the value of the crypto goes up, they can sell and receive cash. Nevertheless, users don’t receive a crypto wallet address. As a result, someone cannot send them Ethereum and they can’t transfer their crypto to another wallet. It must stay with Wealthsimple until it is sold. For this reason, many investors only choose this site for the crypto they plan to hold much like they do stocks they own. 

Setting up an account with Wealthsimple and purchasing Ethereum remains an easy process. Follow these steps and start buying Ethereum today. 

  1. Create a Wealthsimple account following the steps on the site. Consider enabling 2-factor authentication for an added layer of security. 
  2. Click on the Trade button first and then the Crypto button. 
  3. Once you arrive at the Crypto page, click the Add Funds button. It’s easily found as the button is purple. 
  4. Choose from the bank accounts you have added to the account and enter the amount to be deposited. 
  5. Purchase crypto immediately upon completion of the deposit. 

Users find they can only purchase up to $250 CAD of Ethereum immediately. They must wait until the funds clear before purchasing more. When purchasing Ethereum, look for the ETH symbol to ensure you get the right crypto.

Also, read How to borrow cryptocurrency?

Coinbase

Coinbase serves as the first cryptocurrency company to go public, and it remains very popular today. Men and women love that they can earn free coins by completing activities on the site, but only debit cards can be used to make purchases. Fortunately, the purchase happens instantly. Buyers don’t have to wait any time when they use their debit card to complete the transaction. Furthermore, they can take the funds and move them to their PayPal account or send Ethereum through their crypto wallet address. How do you purchase Ethereum on this site? 

  1. Follow the steps on the site to open an account and upload your ID. 
  2. Verify the account to see the dashboard.
  3. Choose the Buy/Sell button in blue on the top of the screen and add a payment method, keeping in mind only debit cards are allowed. 
  4. Make a purchase. 

Buying Ethereum on the site is quick and easy. Many users love the speed at which transactions are complete. However, some men and women find they need to select another option, as they won’t be making the purchase with a debit card. This serves as the main drawback to this popular site. 

Consider all options when you go to buy Ethereum. Each provider has its benefits and drawbacks investors must be aware of before proceeding. You may find you wish to purchase this cryptocurrency through more than one provider to receive the additional benefits. Fortunately, you can do so. It’s all a matter of what you want and needs when you buy Ethereum in Canada. 

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